If XYZ Corporation is a shareholder of BCD Corporation, how many times will BCD's before-tax income potentially be taxed? Has Congress provided any tax relief for this result? Explain
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If XYZ Corporation is a shareholder of BCD Corporation, how many times will BCD's before-tax income potentially be taxed? Has Congress provided any tax relief for this result? Explain.
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- WHAT ARE THE BASIC PRINCIPLES OF A SOUND TAX SYSTEM? HOW ARE THE GOVERNMENT SHOWS THAT SUCH BASIC PRINCIPLES WERE APPLIED IN THE CURRENT TAX SYSTEM WHAT ARE THE DIFFERENCES AND SIMILARITIES OF THE APPLICATION OF OPTIONAL STANDARD DEDUCTION BETWEEN CORPORATION AND INDIVIDUAL? WHAT IS SPECIAL ALLOWABLE ITEMIZED DEDUCTION? IS IT APPLICABLE TO RESIDENT FOREIGN CORPORATION? GIVE 1 EXAMPLE. WHAT IS NET OPERATING LOSS CARRY OVER? CAN IT BE APPLIED TO QUARTERLY INCOME TAX RETURN?Why corporations are liable to pay double tax?Assuming, the taxpayer is a domestic corporation, how much is the regular corporate income tax?
- Which of the following is correct? a) An item of gross income that is subject to tax in one scheme will not be taxed by the other schemes. b) An item of income that is exempt from regular income taxation may be subject to capital gains taxation. c) In final income taxation, the taxpayer remits the tax to the government. d) All capital gains from capital assets are subject to capital gains tax.Corporations are subject to specific corporate tax rates different from those for individuals. True or false ?Which from the following transactions may result to a business tax overpayment?
- A corporation that claims the dividends received deduction may completely or only partly avoid any tax on the dividends involved. What accounts for the difference in tax consequencesHow is Gross Income defined in the Tax Code and what are the implications to individual and business taxpayers? Name several examples of gross income for individuals and for corporations. Also, discuss the concept of Adjusted Gross Income for Individuals and provide two examples of deductions from gross income to arrive at AGI as well as two examples of deductions from AGI to get to taxable income. What are the three fundamental and general requirements in order to deduct business expenses for tax purposes? What is your opinion of these general requirements and support that opinion?Which of the following statements, if any, is false? O An individual can get lower Federal tax rates on long-term capital gains as compared to short-term capital gains. O A corporation can get lower Federal tax rates on long-term capital gains as compared to short-term capital gains. DAn individual has a taxable capital gain if they sell their personal car at a gain O Normally a taxpayer must own a capital asset for more than one year in order to get long-term capital gain (or loss) treatment on the sale of that asset. None of the above - they are all true statements.